DETROIT - DaimlerChrysler CEO Juergen Schrempp and 12 other top managers took a combined 59 percent pay cut last year. The average base pay of the 13 management board members dropped to $1.5 million.
The reduction came as DaimlerChrysler had a loss of $582 million last year. Sales at the Chrysler group fell, and costs for reorganizing the U.S. maker reduced earnings by $2.64 billion.
According to filings with the U.S. Securities and Exchange Commission, the board was paid $19.3 million in 2001, plus $12.31 million for pension, retirement and other benefits.